Crypto Analyst Michaël van de Poppe Predicts Bitcoin Rally if BTC Surpasses Key Level

Crypto analyst Michaël van de Poppe has shared his insights on the potential price movements of Bitcoin (BTC) and Ethereum (ETH) against Bitcoin (ETH/BTC). Van de Poppe believes that if Bitcoin manages to secure support above the $61,000 level, it could surge to around $70,000 to $74,000.

Van de Poppe, addressing his large following on the social media platform X, emphasized the significance of Bitcoin breaking through the $61,000 resistance level on the daily chart. He suggested that such a breakout could pave the way for a test of Bitcoin’s all-time high (ATH) in the $74,000 range, indicating a bullish outlook for the cryptocurrency.

Bitcoin is currently priced at $60,866, exhibiting a 3.6% increase over the last 24 hours. The analyst also turned his attention to Ethereum’s performance against Bitcoin, noting a bullish divergence on the daily timeframe with the Relative Strength Index (RSI). This divergence indicates a potential price increase as the asset’s price hits lower lows while the indicators show higher lows.

Van de Poppe highlighted the significance of the bullish divergence pattern on Ethereum against Bitcoin, drawing parallels to previous market cycles. He suggested that if history repeats itself, Ethereum could be poised for an upward trend, signaling positive price movement in the near future.

Regarding Ethereum’s performance against Bitcoin, Van de Poppe mentioned the possibility of a bullish divergence signal leading to an imminent breakout, potentially extending into the following week. Despite Ethereum’s current weakness and decline towards higher time frame (HTF) support levels, the presence of a bullish divergence pattern could signify a forthcoming rally.

At the time of writing, ETH/BTC is trading at 0.04239 BTC ($2,577), reflecting a slight increase over the past 24 hours. Van de Poppe’s analysis underscores the importance of key levels and indicators in predicting potential price movements in the volatile cryptocurrency market.

It is essential for investors and traders to stay informed about market trends and technical indicators to make informed decisions in the ever-changing landscape of cryptocurrencies. Van de Poppe’s insights provide valuable perspectives on the potential future trajectories of Bitcoin and Ethereum, offering a glimpse into the dynamics of these popular digital assets.